Married individuals may prefer to maintain their own bank accounts. This can be helpful in the event of a divorce because they will exert greater control over the money in those accounts. However, having separate accounts may not make the money inside of them separate property because Texas is one of a handful of community property states. What that means is that property and debts accumulated during a marriage will likely be divided 50/50.
One way to get around community property rules is to create a prenuptial agreement. A prenuptial agreement can specify what is to be considered separate property in the event that a marriage fails. It may also be a good idea to document the source of any funds inside of a bank account. If the money was there prior to the marriage, it will generally be separate property.
Keeping clear records can be critical for those who have been married for many years or decades. This is because it can be harder to clearly determine the source of money or other assets as time passes. An inheritance may be considered separate property when it is first received. However, if it is commingled in any way, it could become marital property by the time a divorce settlement is reached.
An attorney might be able to help an individual obtain a home, car or other marital property in a divorce settlement. Legal professionals may also assist in creating or reviewing a prenuptial agreement. This might help a person maintain a reasonable standard of living after a marriage ends or protect assets that may have been in his or her family for several generations. Those who own a business might especially benefit from negotiating prenuptial agreements or other agreements with their spouses.